Can I write off $6,000 of stock losses each year if Im married and we file a joint return?
No! It doesnt matter how you own the stock: Youre stuck with the same $3,000 limit that applies to single people. Remember that capital losses can be deducted dollar for dollar against any amount of capital gains, then up to $3,000 a year can be used to offset other kinds of income, such as salary or interest income. Any excess loss is carried over to future years. And dont even think of trying to double your deduction by filing separate tax returns. That has all sorts of pitfalls for married couples, including a $1,500 limit on capital-loss deductions.
